Supports/Resistances Indicator for Metatrader 4
Supports/Resistances indicator (S/R indicator) for Metatrader 4 is one of the main technical indicators used by traders because of its importance regarding market psychology and supply/demand. We should think of supports as a floor and resistances as a ceiling, with prices moving up and down between them.
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- Automatically draws Supports/Resistances lines.
- Distinguishes short-term lines from mid-term and long-term lines.
- Colorful Supports and Resistances for a better visualization.
- Changes from resistance to support and vice-versa once broken.
How to use Supports/Resistances
Understanding how the S/R indicator works is fundamental to predict where a trend is going. By knowing if a trend is likely to reverse or to breakout, a trader can choose whether to open a long or short position.
AT Supports/Resistances allow traders to choose between drawing only long-term S/R’s, or both long-term and short term. No more going back to find S/R’s, start using this indicator to automate the process.
Read more on our article about Supports/Resistances
Show short-term/mid-term/long-term SR’s – Choose what lines to draw
Draw S/R’s since this shift – Draw S/R’s since chosen shift (default=1)
Resistance color – Choose Resistance’s color. Red by default.
Support color – Choose Support’s color. Green by default.
Short-term/Mid-term/Long-term line styles – Select the style of each lines form different timeframes.
Short-term/Mid-term/Long-term line widths – Select the width of each lines from different timeframes.
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